Zurcher Kantonalbank Zurich Cantonalbank Cuts Stock Position in XPeng Inc. (NYSE:XPEV)

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in shares of XPeng Inc. (NYSE:XPEV) by 50.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,091 shares of the company’s stock after selling 10,091 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in XPeng were worth $74,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in shares of XPeng by 119.6% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 111,364 shares of the company’s stock worth $816,000 after purchasing an additional 60,643 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of XPeng by 122.4% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 5,306 shares of the company’s stock valued at $39,000 after buying an additional 2,920 shares during the period. Blue Trust Inc. lifted its position in shares of XPeng by 2,615.9% during the 2nd quarter. Blue Trust Inc. now owns 9,750 shares of the company’s stock valued at $75,000 after buying an additional 9,391 shares during the last quarter. 180 Wealth Advisors LLC bought a new position in shares of XPeng during the 2nd quarter worth $78,000. Finally, DekaBank Deutsche Girozentrale increased its holdings in XPeng by 100.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,100,000 shares of the company’s stock worth $8,864,000 after acquiring an additional 550,000 shares during the last quarter. 23.05% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

XPEV has been the topic of several recent research reports. Citigroup cut their target price on shares of XPeng from $8.30 to $7.60 and set a “neutral” rating for the company in a research report on Wednesday, August 21st. Macquarie upgraded shares of XPeng from a “neutral” rating to an “outperform” rating in a research note on Friday, August 30th. Daiwa America raised shares of XPeng to a “strong-buy” rating in a report on Thursday, May 23rd. JPMorgan Chase & Co. raised XPeng from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $8.00 to $11.50 in a report on Thursday, September 5th. Finally, Bank of America decreased their price objective on XPeng from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, XPeng currently has an average rating of “Buy” and an average target price of $12.08.

XPeng Stock Up 2.7 %

Shares of NYSE:XPEV opened at $8.75 on Wednesday. The firm has a fifty day moving average price of $7.84 and a two-hundred day moving average price of $8.10. The company has a market cap of $8.24 billion, a price-to-earnings ratio of -5.91 and a beta of 2.75. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.50 and a quick ratio of 1.31. XPeng Inc. has a one year low of $6.55 and a one year high of $19.04.

XPeng Profile

XPeng Inc designs, develops, manufactures, and markets smart electric vehicles (EVs) in the People's Republic of China. It offers SUVs under the G3, G3i, and G9 names; four-door sports sedans under the P7 and P7i names; and family sedans under the P5 name. The company also provides sales contracts, super charging, maintenance, technical support, auto financing, insurance, technology support, ride-hailing, automotive loan referral, and other services, as well as vehicle leasing and insurance agency services.